Rumors of the biggest free agent signing in mixed martial arts history are not true said Vadim Finkelstein, who spoke on behalf of Russian heavyweight star Fedor Emelianenko (Pictures).

Speaking with Evgeni Kogan, Finkelstein denied that his fighter signed a five-fight deal with Fight Entertainment Group, which promotes K-1 kickboxing and HERO'S, rumored to pay him $5 million.

The manager, who also promotes Russia's M-1, said that negotiations with K-1 are ongoing, but that he was also speaking with Zuffa and was going to talk with UFC representatives Thursday evening.

Emelianenko's services have been on the market since Zuffa purchased the PRIDE Fighting Championships from Dream Stage Entertainment in March.